While many marvel at the growth cryptocurrency and Web 3.0 communities are experiencing, they fail to consider the opposing side of the coin (or, dare one say, token). Traditionally, new technologies have continued to follow a cycle in which they rise to the world's attention and its legislators, only to have bad actors abuse their power and consequently have the need for reform arise. Although oversight has proven to offer many benefits, such as instilling confidence in institutional investors, the opposite can be true if the right voices aren't being represented.
To ensure that legislation continues to propel Web 3.0 innovation, the community needs proper representation on their needs, values, and goals for the future. As a result, trade organizations and individual companies are funded, created and staffed. Unfortunately, these parties don't always have the community's best interests in mind, with select technologies and business models being favored over others. In many cases, unfavorable outcomes are commonplace since money and power stifle future developments.
Responding to this concern is the LobbyDAO platform which aims to decentralize policymaking by giving the global community a say in what comes of Web 3.0.
LBY tokens will enable holders to participate in discussions, advocate for DeFi and educate lawmakers about the positive impact of Web 3.0, therefore ensuring the voices of the community are heard.
"We founded LobbyDAO to keep Web 3.0 the vibrant, innovative, decentralized community it was born to be. The imminent threat we face today may be our own success. In the space of a few short years, Web 3.0 has rapidly expanded and the world's governments are beginning to take notice. Regulation is definitely on the horizon," a member from the team shares.
Lobby aims to represent and educate the community about regulations and inform the general public about what the project stands for. With the help of the LobbyDAO and LBY token, legislators and regulators will be engaged proactively instead of reactively, preserving strengths and addressing current vulnerabilities of the new web.
Powered by token
The LobbyDAO will act as the operational arm of the community, with the intention of becoming a political network. It will adopt well-intentioned crypto and blockchain policies. By leveraging blockchain technology, the project will change the way that ideas, those that can shift Web 3.0 regulation, are executed and being funded. This will unite all cryptocurrency and Web 3.0 enthusiasts under the roof of the LobbyDAO platform.
Powering the Lobby ecosystem is the LBY token. LBY exists as an ERC-20 governance token that gives participants a voice and a vote in the LobbyDAO. As a governance token, the asset holders are given a chance to stake the token in the protocol in exchange for voting opportunities and rewards.
Resulting efforts include educating the public since few members of legislation or the generation have the background necessary to understand its application. Knowledge then becomes key since, without a base-level understanding, it can be hard to build allies that will champion appropriate regulations.
Furthermore, those participating can have faith that transparency is maintained. Community members will be able to trust the blockchain to preserve records because anything on the blockchain must appear in another place. Consequently, all users can gain confidence in knowing the accuracy of the entry will be upheld.
Supporting Web 3.0 growth
To deliver value to their community, LobbyDAO remains dedicated to their step-by-step process, with the growth of their DAO and actual use cases being the focus of their roadmap.
Their dedication to the community is evidenced through reward provisions. Accordingly, by participating in a subject-specific community, users can do their part in working towards community goals and receive Ethereum (ETH) or LBY tokens in exchange.
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